Thor Equities has been granted planning permission to create a new retail flagship on London’s Oxford Street.
The US retail investor bought 145 Oxford Street, W1, in a £40m deal last year with joint venture partner Chenavari Investment Managers. The 8,100 sq ft asset currently comprises 3,800 sq ft of shops and 4,300 sq ft of offices on the upper floors.
Westminster City Council has granted permission to add a floor, change the use of the first level to retail, and offer the top three floors for offices.
The plans will create a 10,000 sq ft building, including a flagship retail opportunity of 6,000 sq ft spread over ground, first floor and basement.
The nearby Tottenham Court Road Crossrail station, which will open in 2018, has attracted tenants including fashion retailer Next taking 60,000 sq ft opposite 145 Oxford Street, and Facebook, which has prelet 227,000 sq ft at Rathbone Place next door.
